Ripple Surges 50% To Become Second-Largest Cryptocurrency

The digital currency rose to as much as $2.20, climbing more than 50% in 24 hours, according to CoinMarketCap.

The XRP token has been having a blockbuster month, appreciating more than 700% since starting out December with a price of roughly $0.25, additional CoinMarketCap figures show.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

A Great Month For Ripple

The digital currency has enjoyed several brief rallies this month.

One example is the sharp increase XRP experienced roughly mid-December, where it surged more than 90%in 24 hours, reaching roughly $0.87 as investors responded to news that Ripple completed its cryptographic lockup of tokens.

The cryptocurrency enjoyed another short rally approximately one week later, climbing to $1.24 as it benefited from sustained momentum and robust Asian trading.

XRP’s price approached $1.50 earlier this week, pushing higher amid news that Tokyo-based SBI Ripple Asia announced a consortium created to explore how distributed ledger technology could be used for payment cards.

Shifting Investor Priorities

More recently, analysts have focused on the shifting sentiment of investors, emphasizing that XRP has been benefiting from these changes.

Originally, many of those who advocated cryptocurrencies favored these digital assets because of their decentralized nature, said Marius Rupsys, a digital currency trader.